SEDC reaffirms commitment to transparency, accountability

Management of the South East Development Commission (SEDC) on Tuesday reiterated its commitment to transparency and accountability in the discharge of its statutory responsibilities across the region.

The Commission gave the assurance in Abuja during an oversight function held at the instance of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu.

The delegation, during the interactive session, however, noted that out of the total sum of N140 billion appropriated to the Commission in the 2026 budget, less than 10 per cent has been released to date across all budget lines.

The Commission therefore reiterated the importance of accelerated releases to enable the execution of critical infrastructure, economic development, agricultural transformation, youth empowerment, and regional security initiatives envisioned under its mandate.

The Commission further noted that while the Federal Government and National Assembly have demonstrated commitment to the South East through the establishment and funding of the Commission, the pace of implementation remains closely tied to the timely release of appropriated funds.

According to a statement issued by SEDC Executive Director, Finance, Hon. Stanley Ohajuruka, the engagement formed part of the National Assembly’s constitutional oversight responsibilities and provided an opportunity for the Commission to present a comprehensive account of its activities, financial performance, institutional development, partnerships, and programme implementation since the inauguration of its Board in February 2025.

During the engagement, the Commission also provided detailed information on its organisational structure and staffing, budget performance, procurement processes, contracts awarded, institutional partnerships, and ongoing programmes across the region.

The Commission also presented updates on its engagements with state governments, federal institutions, development finance partners, and other stakeholders working to advance the development priorities of the South East.

As part of its review, the Committee requested additional documentation relating to specific aspects of the Commission’s operations and programme implementation.

The Commission welcomed the request and sought a short period within which to collate and transmit the materials in the level of detail required by the Committee.

Following discussions, the Committee adjourned proceedings to a later date pending receipt of the requested submissions, which the Commission is expected to provide on or before 23 June 2026.

The Commission also highlighted progress made despite significant funding constraints.

Since the inauguration of its Board, SEDC has advanced preparatory work on several strategic regional initiatives, including high-impact transformational projects such as gas pipelines and railway projects, among others.

In addition, the Commission has established strategic partnerships with key federal institutions and development organisations, including the United Nations Development Programme (UNDP), Afreximbank, Rural Electrification Agency, Bank of Industry, the Presidential Initiative on Compressed Natural Gas, and the Gas Aggregator Company of Nigeria.

The Commission has also engaged extensively with the governments of the five South East states, namely Abia, Anambra, Ebonyi, Enugu, and Imo; federal ministries and agencies, academic institutions, development partners, and private sector stakeholders in pursuit of a coordinated regional development agenda.

A major milestone in this effort was the successful convening of the South East Vision 2050 stakeholder consultations, which brought together senior government officials, development partners, business leaders, academics, civil society representatives, and community stakeholders to develop a long-term framework for the economic transformation and sustainable development of the region.

The Commission also highlighted the successful implementation of the inaugural South East Venture Capital Programme (SEVCP), a flagship initiative designed to catalyse innovation, entrepreneurship, and investment across the region.

Through a transparent and competitive selection process, twenty-five startups from across the South East received equity investment under the programme. Aligned with the vision of President Bola Ahmed Tinubu as articulated in the Renewed Hope Agenda, the initiative reflects a deliberate effort to strengthen entrepreneurship, private sector growth, and investor confidence in Nigeria’s economy.

Anchored within the South East Investment Company, the programme represents a strategic effort to move beyond fragmented interventions towards a more structured and credible venture capital ecosystem for the South East, combining capital deployment with venture development, institutional partnerships, and pathways for attracting institutional capital into early-stage, high-growth enterprises across the region.

In the same vein, the Commission emphasised that the scale of development required across the South East demands sustained funding, institutional coordination, and continued collaboration among all stakeholders.

SEDC remains committed to full cooperation with the National Assembly and all relevant oversight institutions. The Commission views accountability, transparency, and constructive engagement as fundamental to the successful delivery of its mandate and will continue to provide all information required to support effective legislative oversight.

The Commission remains focused on its responsibility to deliver meaningful and measurable impact for the people of the South East through disciplined planning, transparent governance, strategic partnerships, and the effective deployment of public resources.

The Commission appreciates the continued support of the National Assembly and looks forward to sustained collaboration in advancing inclusive growth, shared prosperity, and long-term development across the region.